National Bank price target lowered to $34 from $35 at Stephens

Stephens analyst Andrew Terrell lowered the firm’s price target on National Bank to $34 from $35 and keeps an Equal Weight rating on the shares. The company’s Q3 earnings included a “solid” op. EPS and PPNR, the analyst tells investors. While profitability remains impressive, capital is solid, and balance sheet growth trends remain favorable, Stephens views the current relative valuation as fair.